I paid estimated taxes using under my SSN from my business account.This was a mistake.My company is S corp. How do I handle these deductions on 1120S? Or personal taxes?

Forum|Forum|7 years ago
June 6, 2019
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Best answer by TomYoung

Your S-Corp made a distribution to you. On the books of the S-Corp it's recorded as a reduction of cash and a reduction of your capital account. That will flow through the Schedule K-1 to you.

On your books you account for the cash paid to the IRS as a payment of estimated taxes and a reduction of your basis in the S-Corp.

In your income taxes you'll simply report that payment as a regularly-scheduled estimated tax payments, as that's all it was.

Tom Young

T

TomYoungAnswer

Employee

Your S-Corp made a distribution to you. On the books of the S-Corp it's recorded as a reduction of cash and a reduction of your capital account. That will flow through the Schedule K-1 to you.

On your books you account for the cash paid to the IRS as a payment of estimated taxes and a reduction of your basis in the S-Corp.

In your income taxes you'll simply report that payment as a regularly-scheduled estimated tax payments, as that's all it was.

Tom Young

A

Anonymous

Thanks for the response. This is very helpful! To clarify, I should deduct the amount on Line 12 Taxes and Licenses on 1120s and again on my 1040 personal return on Estimated Tax Payments for 2017?